COASTAL CURRENT
2023 Saco Bay Real Estate News
2023 Focus on the Micro-Market
Based upon the increased interest rates and rising inflation we experienced in 2022, there is hardly a day that goes by without national media predicting a severe downturn of the residential real estate market. Right now, the country and our state are made up of “micro-markets” that are each performing differently from one another.
I am pleased to report that the Saco Bay “micromarket” is not exhibiting strong signs of shifting and continues to have an extremely deep buyer pool, and very limited inventory. These factors are keeping our market strong. Our 2022 year-over year sales prices have increased- just not as dramatically as they did in 2021. Please look inside for the specific data for Saco, Scarborough and Old Orchard Beach.
The most important metric to watch in a changing market is YOUR HOME’S VALUE.
Please visit our website at MaineCoastalProperties.com.
We are happy to provide you with personalized updates of your property value. In
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I hope your new year is off to a happy, healthy start! We are excited to embrace the shifting, “micromarket” challenges of this unusual market with innovative, propertyspecific strategies for our clients.
We will be vigilantly monitoring our market metrics, to provide you with relevant data, and answers to your real estate questions, and our buyer and seller clients with valuable information and guidance to realize optimum results.
With over 20 years of Saco Bay sales experience, and 40 years of successful brokerage experience, I am accustomed to navigating market change, and look forward to adjusting our marketing programs and negotiating tactics to assure that our buyers and sellers succeed in the potentially changing market ahead.
I am grateful to the buyers and sellers who have given me the opportunity to help them exceed their real estate goals and have generously shared their testimonials with me. I am also grateful for your referrals. It is an honor to help your friends and family members-thank you!
I am also excited to be celebrating 7 years with my amazing and very talented Assistant and Associate Broker, Tracy Pratt. I look forward to being your 2023 real estate resource - please contact me if I can assist you in any way.
Onward 2023!
Tracy plays an integral role on our team by handling our marketing and social media, office administration, and closing coordination.
A fully licensed Associate Broker, Tracy also assists our buyer and seller clients if I am away from the office. Thank you, Tracy!
Year Over Year 2022 vs. 2021
Scarborough
The decrease in sales, days on market; and the increase in sales price, sold price per square foot, and sold-to-list price ration all indicate that the single-family residential market is still a seller's market. The sales prices ranged from a low of $275,000 to a high of $2,425,000, and 19% of the homes sold were new construction.
Saco
There was no change in the sold-to-list price ratio or the number of days homes were on the market. However, on average, single-family homes still sold for 6% over the list price, and sales prices increased by 6%. The sales prices ranged from a low of $73,500 to a high of $2,600,000 and 13% of the homes sold were new construction.
Old Orchard Beach
It is interesting to note that 32% of the single-family homes sold in Old Orchard Beach were new construction, and the average days on market dropped by 49%. The average sale price increased by 7%, and homes sold for 3% over the list price. The sales prices ranged from a low of $150,000 to a high of $2,500,000.
Source: MREIS, Inc - 2020 single-family residential
Source: MREIS, Inc - 2020 single-family residential
3 Anthony Estate, Saco $2,600,000
11 Hampton Ave, Old Orchard Beach $845,000
13 King Street, Scarborough $3,850,000
14 Landing Road, Saco $825,000
5 Cherry Hills Rd, Old Orchard Beach $739,900
98 Surf Street, Saco $1,350,000
1 Odena Ave, Old Orchard Beach $1,540,000
4 Dunefield Lane, Scarborough $1,395,000
423 Seaside Ave, Saco $1,625,000 9 Ancona Ave, Old Orchard Beach $1,395,000
4 King Street, Scarborough $1,195,000
59 Plymouth Drive, Saco $1,130,000